offshore bank account that accepts third party transfers

[jaxop]

Hi,

So stuck in Sweden (I am a citizen) since January due to covid-19. Lived 12 years in Singapore prior to that so I hold a lot of assets overseas as well as receiving small dividends from some investments semi regularly.
None of my Swedish personal bank accounts wants to accept my third party transfers because I have not had any income in Sweden for the past 12 years and they do not care when I explain that I am stuck here due to travel restrictions and that I would rather be anywhere else to be honest. I am not too concern from a taxation perspective at this point in time since I will be leaving Sweden ASAP and get residency somewhere with beneficial capital gains taxation laws. I just need a bank that I can do business with based on the caveats below.

So I receive a very modest sum of 1-2k EUR per month from some passive overseas investments. The transfers originates from a Czech corporate account. I also plan to do some options trading, not necessarily using the banks tools but I need to be able to transfer to and from a brokerage account. I want to have access to a debit card that does not carry obscene foreign currency exchange rates that I can use day to day here in Sweden until I move.

I am not sure where I will move when the pandemic slows down, looking at Thailand, The Philippines and Portugal at the moment. I most likely won't go back to Singapore except to get rid of my condo, was planning on moving before all this started because I started to appreciate the premium I paid for living there less and less as time went by.

I have looked at CIM banque, Swissquote and Dukascopy so far but I hear conflicting details that some of them take forever to set up and some does not accept third party transfers (need to be able to receive 1-2k from a Czech corporate account monthly).

I am willing to deposit 30k EUR or so initially which will come from selling some stocks. Other than that I think I outlined my needs adequately above, more than happy to answer follow up questions, probably missed something since I never had to look for banking solutions before (I will miss that about Singapore... OCBC was amazing to deal with). Oh, I can travel to open an account if necessary, being a pandemic and all I just find a remote option smoother. But yeah.

I have done extensive searches on the site because I assumed this would be a frequently asked question but maybe my search-fu is weak.

I really appreciate any help and third party consultants are welcome to contact me as well.

 

[tomboy]

for such a low income, Transferwise will do the job perfectly!

 

[jaxop]

for such a low income, Transferwise will do the job perfectly!

Thanks for the reply. So they don't mind a personal account getting incoming transfers from a corporate account? Also the amount of incoming money will likely rise significantly in the future. This is just the very minimum of what I have to be able to receive. For instance I will sell stocks every now and then which usually happens in batches of 25-40k EUR.

 

[CaptK]

Your predicament leaves you with Bankera and Adv Cash.
TW will shut you down if you send from a brokerage.

If you can get to the UK before Brexit or get a residential address you can open a real bank account and a couple of EMI.

 

[Paper Chaser]

@Gediminas does Bankera allow incoming 3rd party bank transfers? Do they accept Seychelles corps?

 

[Gediminas]

@Gediminas does Bankera allow incoming 3rd party bank transfers? Do they accept Seychelles corps?

All of the transfers I receive (speaking about biz account) come from 3rd party, so yes. And yes, Seychelles corps can be onboarded.

 

[jaxop]

Your predicament leaves you with Bankera and Adv Cash.
TW will shut you down if you send from a brokerage.

If you can get to the UK before Brexit or get a residential address you can open a real bank account and a couple of EMI.

Can you clarify "If you can get to the UK before Brexit or get a residential address" further? Did I understand you correctly that if I visit the UK before brexit I could get a bank account set up, no questions asked? Alternatively, if I can't travel there, I need to have access to a UK residential address to do the same?

Since I have never had the need to explore any other banking options, why is it that people link their bank accounts with EMIs? As you mentioned above you seem to recommend opening a UK account AND a couple of EMIs, why?

Thank you.

 

[jaxop]

All of the transfers I receive come from 3rd party, so yes. And yes, Seychelles corps can be onboarded.

BVI?

 

[Gediminas]

BVI?

They are willing to onboard any offshore jurisdiction except sanctioned ones. Most important isn't the jurisdiction, but the business activities and legitimacy.

 

[John Andrews]

BVI is more reputable than Seychelles anyway.

I suggest using a mix of EMIs, Transferwise, Revolut, Advcash, Wirex maybe. As CaptK said keep stocks away from Transferwise.

 

[CaptK]

Can you clarify "If you can get to the UK before Brexit or get a residential address" further? Did I understand you correctly that if I visit the UK before brexit I could get a bank account set up, no questions asked? Alternatively, if I can't travel there, I need to have access to a UK residential address to do the same?

Since I have never had the need to explore any other banking options, why is it that people link their bank accounts with EMIs? As you mentioned above you seem to recommend opening a UK account AND a couple of EMIs, why?

Thank you.

If you can get a residential address in the UK, you can then proceed to get a utility bill and get a bank account.

It would be a basic account to start but they will accept payment from Stocks. As you continue to pay yourself 1-2K a month as income the bank will offer you more facilities.
Then upgrade to a premium account there is a fee upto 50 per month with stuff like insurance and discounts to shops.

Spread your self over a few different banks as they could shut you down over night for the stupidest reason.

Good thing is it's all on apps now so keeping track of your accounts is easy.

 

[jaxop]

They are willing to onboard any offshore jurisdiction except sanctioned ones. Most important isn't the jurisdiction, but the business activities and legitimacy.

My plan is to have either UAE (RAK ICC) or BVI setup with a Bankera account to start out. I will conduct capital gains activities, mostly option trading and reinvest 100% of potential gains until I have moved to a better tax residency personally.

How much money have you had in your Biz Bankera account for a longer period? Lets say a few months at least? (if you don't mind giving a ballpark figure, totally cool if you don't want to obv)

Would it be advisable to have upwards 100k EUR sitting in the account?

 

[Gediminas]

Would it be advisable to have upwards 100k EUR sitting in the account?

Easy. Bankera is safe, so you can keep there as much as you need

 

[CaptK]

My plan is to have either UAE (RAK ICC) or BVI setup with a Bankera account to start out. I will conduct capital gains activities, mostly option trading and reinvest 100% of potential gains until I have moved to a better tax residency personally.

How much money have you had in your Biz Bankera account for a longer period? Lets say a few months at least? (if you don't mind giving a ballpark figure, totally cool if you don't want to obv)

Would it be advisable to have upwards 100k EUR sitting in the account?

Dont use RAK ICC if you want a proper bank account for it in the future.

 

[jaxop]

Dont use RAK ICC if you want a proper bank account for it in the future.

The reason I was looking at RAK ICC is because most brokers (at least on paper) accepts accounts from UAE, not so much from BVI. If I am to conduct any options trading via my offshore company (if at all possible) I just assumed I would have more luck with a UAE offshore company. I might be dead wrong though and no reputable broker would accept a offshore company as an account holder?

 

[pesto]

Easy. Bankera is safe, so you can keep there as much as you need

let's hope this statement won't backfire in 6,12 or 24 months